1 Outline The Operating Environment Wema Bank Overview FY 2019 - - PowerPoint PPT Presentation
P r es en t a t i o n t o I n v es t o r s & A n a l y s t s 2 0 1 9 F u l l Y ea r R es u l t s 1 Outline The Operating Environment Wema Bank Overview FY 2019 Performance Review 2020 Outlook and Strategy Appendix
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P r es en t a t i o n t o I n v es t o r s & A n a l y s t s – 2 0 1 9 F u l l Y ea r R es u l t s
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P r es en t a t i o n t o I n v es t o r s & A n a l y s t s – 2 0 1 9 F u l l Y ea r R es u l t s
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P r es en t a t i o n t o I n v es t o r s & A n a l y s t s – 2 0 1 9 F u l l Y ea r R es u l t s
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P r es en t a t i o n t o I n v es t o r s & A n a l y s t s – 2 0 1 9 F u l l Y ea r R es u l t s
Geopolitics and continued civil unrest riled up the global and domestic economy...
Operating Environment
Global Environment
protectionist stance has continued to impose uncertainty on global markets. The ongoing U.S.-China trade war has been temporarily halted by the signing of the phase one deal. This stopped the imposing of 3rd round sanctions by the two nations.
and post Brexit, the EU continues to face significant recession risks which will definitely be heightened once the UK exits. Interest rates to remain low and yield curves to remain flat for several years going forward
economy continues to weaken with the attendant impact on commodities prices across the world especially demand for crude oil. GDP growth rate was 6% in Q4, 2019 which is the lowest rate since 1992.
Domestic Environment
GDP closed at 2.01% from 2.38% recorded in the preceding quarter (Q4 2018). Q3 GDP showed signs of improvement albeit a sluggish growth as the quarter recorded a GDP figure of 2.28% which is still well below the 6% GDP growth mark required for significant growth in the economy.
making. However with majority
the petitions concluded, the government formed its cabinet, economic advisory committee and had the 2020 budget passed in December.
from last year closing the first quarter at 11.25%. Q2 however witnessed a tick in April and May, the quarter however ended on a low at 11.22%. The end of Q3 and subsequently Q4 saw inflation commence an upward
the year at a high of 11.98%.
Oil Price, Foreign Reserve and Borrowings
finishing the first quarter with oil prices at $68.39. This trend further continued with the start of the second quarter recording its highest value in price at $74.57 in April, H1 ended at $66.55. Subsequent periods had a swing in prices with the attack on the Saudi Aramco by unmarked droned spiking oil prices in September to $69.02. Oil prices ended the year at $68.44.
which have heightened fears of devaluation of the Naira.
reviewing the nations income lines, hence, the new tax bill, and VAT increase
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P r es en t a t i o n t o I n v es t o r s & A n a l y s t s – 2 0 1 9 F u l l Y ea r R es u l t s
Policy Environment
Incoherent policies stagnating growth
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P r es en t a t i o n t o I n v es t o r s & A n a l y s t s – 2 0 1 9 F u l l Y ea r R es u l t s
Overview of the Bank
OWNERSHIP
N716bn in
Total Assets
Listings
Most Innovative Bank, Africa
By World Finance
Over
350,000
Shareholders
N94.89bn
in Total Earnings
(32.65%)OPERATIONS & CONTACT CHANNELS
44% 56%
1,172
Professional Staff
157
Branches
2.42m
Accounts
382
ATMs
7,156
POS
3,186
Agency Banking Partners
GOVERNANCE
Board Members: 11
Non- Executives: 7 Executives: 4 Sustainability Partnerships Bbb- (Stable) Bbb- (Stable) Bbb- (Stable)
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FULL DIGITAL BANK
ALAT continues on the path of positive growth
Accounts Opened Transactions Executed Worth
N232bn
10,998,690
Savings Goals Created Goal Based Loans
Number of Cards Issued Average of N15k in 110,291 active ALAT accounts Average of ~N380k in 10,982 active goals Average of ~N1,000 in 298,047 active ALATLite accounts
24 Awards
and counting
N3.4bn
Worth of loans disbursed
$2,020,995+
Transaction value 3,398 active Virtual Cards 35,701 Transactions done
190,228
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P r es en t a t i o n t o I n v es t o r s & A n a l y s t s – 2 0 1 9 F u l l Y ea r R es u l t s
DEVELOPING NEW CAPABILITIES
ALAT for Business OUTLET by ALAT Partnerships
3 2 1
We have offered a robust platform for SMEs; Gaming & Entertainment
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P r es en t a t i o n t o I n v es t o r s & A n a l y s t s – 2 0 1 9 F u l l Y ea r R es u l t s
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P r es en t a t i o n t o I n v es t o r s & A n a l y s t s – 2 0 1 9 F u l l Y ea r R es u l t s
FY’2019 FY’2018 FY’2017
Gross earnings N94.89bn N71.53bn N65.27bn PBT N6.76bn N4.80bn N3.01bn PAT N5.20bn N3.33bn N2.26bn CAR 13.60% 18.01% 14.32% EPS 13.50K 8.6k 5.8k
Earnings, Profit, Capital.
Deposits N577.28bn N369.20bn N254.46bn Loans (Net) N289.24bn N252.20bn N215.84bn Interest income N70.68bn N57.63bn N53.07bn Non-interest income N24.21bn N13.89bn N12.19bn Cost-to-income 84.66% 87.16% 89.90% Yield on Asset 16.47% 17.75% 17.76% Operating expenses N37.30bn N32.58bn N26.77bn Net interest margin 6.04% 7.08% 6.61% ROAE (annualised) 12.26% 9.43% 4.60% ROAA (annualised) 1.02% 1.09% 0.56% NPL (%) 7.38% 4.98% 3.52% Loan to deposits 48.61% 68.31% 84.82% Interest Coverage ratio 212.0% 233.0% 196.0% Liquidity ratio 32.37% 32.05% 26.25%
Revenue nue Generat ation Operating ting Effic ficienc ncy Margin n & Ass sset Qual ality ty
20 2019 19 Financ ncial ial Year Highl ghlig ights hts
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P r es en t a t i o n t o I n v es t o r s & A n a l y s t s – 2 0 1 9 F u l l Y ea r R es u l t s
Improved performance YoY
2019 Financial Year Highlights
Grew by 32.65% YoY to N94.89billion from N71.53billion in FY 2018 driven by an increase of 22.64% and 74.24% in Interest Income and Non-Interest Income respectively.
N94.89bn
32.65% YoY YoY growth to N6.76billion from N4.80billion in FY 2018.
40.83%
Increased from N32.58bn in FY 2018 to N37.30bn in FY 2019, as the bank continued to attract and retain quality members of staff amidst rising statutory fees.
14.50%
Gross Earnings Profit before Tax (PBT) Operating Expenses
Increased by 56.36% YTD to N577.28bn from N369.20bn in 2018 FY.
56.35%
Closed at N289.24bn an increase
14.69% when compared to FY 2018 (N252.19bn)
14.69%
Increased by 46.50% to N715.87bn (N488.80 in FY 2018).
46.45%
Total Deposit Total Loans and Advances Total Assets
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P r es en t a t i o n t o I n v es t o r s & A n a l y s t s – 2 0 1 9 F u l l Y ea r R es u l t s
1.09 0.61 0.15 1.31 1.64
30.29 38.29 45.01 51.01 61.85 5.75 5.14 7.92 5.32 7.18
37.13 44.04 53.07 57.63 70.68
FY'15 FY'16 FY'17 FY'18 FY'19
Cash and Cash Equivalent Loans & Advances Investment Securities 54.25 45.79 65.27 71.53 94.89
FY'15 FY'16 FY'17 FY'18 FY'19
Gross Earnings (N’bn) Interest Income (N’bn)
Improved performance YoY
Earnings Trend
N71.53billion), driven by 22.64% growth in interest income and a 74.24% increase in non-interest income
N70.68billion in FY’19), drivers include: ✓ Investment Securities up by 35.34% y/y (N7.20billion in FY'19; N5.32billion in FY’18). ✓ Interest on Loans and Advances up by 21.23% y/y (N61.84billion in FY'19; N51.01billion in FY'18) ✓ Cash and Cash Equivalent up by 25.19% y/y (From N1.31billion in FY'18 to N1.64billion in FY'19) Comment
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P r es en t a t i o n t o I n v es t o r s & A n a l y s t s – 2 0 1 9 F u l l Y ea r R es u l t s
5.66 6.19 5.64 6.51 8.00 1.78 2.12 4.98 5.53 14.79 1.22 1.49 1.57 1.86 1.42 FY'15 FY'16 FY'17 FY'18 FY'19
Net Fees & Commission Net Trading Income Others
Non-interest Income
Interest Income 74% Non Interest Income 26% Interest Income 81% Non Interest Income 19%
8.66 9.80 12.20 13.89 24.21
Income Mix (FY’18) Income Mix (FY’19)
Improved performance YoY
Earnings Trend…cont
Interest Income of 26% (FY 2018: Interest Income 81%, Non- Interest Income: 19%.
FY’18 to N24.21billion in FY’19), the drivers are; ✓ Net Fees and Commission growth of 22.88% y/y to N8billion from N6.51billion in FY 2018, on the back of increased volume of transactions across various electronic channels (ATM’s, POS, Mobile Banking, Electronic Banking) ✓ Net Trading Income up by 167.45% y/y from N5.53billion in FY 2018 to N14.79billion in FY 2019, this is driven by increased income on Treasury Bills. ✓ Others down by 23.65% to N1.42billion from N1.86billion in FY 2018. Comment
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P r es en t a t i o n t o I n v es t o r s & A n a l y s t s – 2 0 1 9 F u l l Y ea r R es u l t s
32.58 37.30
FY'18 Personnel expenses Depreciation and amortization Statutory & Other expenses FY'19
0.70 1.50 2.53
9.84 10.35 10.00 12.34 14.87 2.25 2.31 2.32 2.62 3.32 11.37 12.13 14.45 17.62 19.12
FY'15 FY'16 FY'17 FY'18 FY'19
Personnel Expenses Dep & Amortisation Statutory & Other Expenses
23.46 24.79 26.77 32.58 37.30
Continued management of costs despite inflationary headwinds
Efficiency
➢ Operating expenses increased by 14.50% to N37.30billion y/y from N32.58billion in FY 2018. The increase is driven by: ✓ Personnel expenses up by 21% ✓ Statutory expenses up by 24% ➢ Cost to income ratio down from 87.16% in FY 2018 to 84.66 in FY 2019
COMMENTS Operating Expenses (N’bn) Drivers (N’bn)
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P r es en t a t i o n t o I n v es t o r s & A n a l y s t s – 2 0 1 9 F u l l Y ea r R es u l t s 6.92 6.57 6.61 7.08 6.04
FY'15 FY'16 FY'17 FY'18 FY'19
14.50 15.65 17.76 17.75 16.47
FY'15 FY'16 FY'17 FY'18 FY'19
Margin still dependent on market rates
Efficiency & Margin Analysis
➢ Yield on Asset down to 16.47% from 17.75% in 2018 FY ➢ Net Interest Margin (NIM) down to 6.04% from 7.08% in FY’18, due to a decline in average yield on earning asset COMMENTS Yield on Assets (%) Net Interest Margin (%)
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P r es en t a t i o n t o I n v es t o r s & A n a l y s t s – 2 0 1 9 F u l l Y ea r R es u l t s
24% 7% 38% 31%
Retail Corporate Treasury Commercial/SME
285 283 254 369 577
FY'15 FY'16 FY'17 FY'18 FY'19 37% 11% 35% 17%
Retail Corporate Treasury Commercial/SME
23% 13% 61% 3%
DEMAND SAVINGS TIME DOM
28% 17% 51% 4%
DEMAND SAVINGS TIME DOM
Deposit growth, improved but still below ideal structure.
Deposits Analysis
Customer Deposits (N’bn) Deposit Mix (FY ‘18) Deposit Mix (FY ‘19) Deposit Type (FY ‘18) Deposit Type (FY ‘19)
billion in FY 2018.
2018.
cost of fund.
COMMENTS
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P r es en t a t i o n t o I n v es t o r s & A n a l y s t s – 2 0 1 9 F u l l Y ea r R es u l t s
225.47 240.2 258.58 264.46 272.3 36.12 35.58 31.97 32.61 29.07 FY 2018 Q1 2019 Q2 2019 Q3 2019 FY 2019 LCY FCY
Total Loans by Segment – 2018 FY Total Loans by Segment –2019FY
261.59 275.78 290.55 297.07 301.37 COMMERCIAL /SME 33% CORPORATE 51% PUBLIC SECTOR 4% INDIVIDUAL 12%
Gross loans and advances to Customers (N’bn)
Loan Portfolio Analysis
(From N261.59billion to N301.37billion)
that was reported in FY 2018
COMMENTS
CORPORATE 48% PUBLIC SECTOR 5% INDIVIDUAL 8% COMMERCIAL /SME 39%
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P r es en t a t i o n t o I n v es t o r s & A n a l y s t s – 2 0 1 9 F u l l Y ea r R es u l t s
4Others include Admin services, human health, ICT, water supply sewage,Arts, entertainment and recreation, Human health and social networks
▪ The Oil and Gas exposure consist of downstream trading entities and an upstream syndicated loan. ▪ General Sector comprises mainly all the personal loans, religious organizations, NGOs and logistic companies while “General Commerce’ Sector covers loans to commercial businesses that deal on general goods. ▪ Construction Sector contains loans that are meant for contract-based construction where repayments are obtained from contract payments whereas, Real Estate Sector covers loans for commercial and residential real estate where repayments come from rents, sales and leases proceeds.
COMMENTS
Transportation and Storage
8%
Power and Energy Professional, Scientific & Technical Services
3% 5%
Manufacturing
6%
Oil & Gas
19%
Governmen t
6%
General Commerce
17%
General
9%
Finance & Insurance
1%
Education
1%
Capital Market
1%
Agriculture, Forestry & Fishing
4%
Construction
14%
Real Estate Activities
7%
Loan Analysis By Sector – FY’19
Breakdown of loans & advances to Customers: 2018 FY Vs. FY 2019
Loan Portfolio Analysis
FY 2019 FY 2018 (Nbn) bn) (Nbn) bn) OIL AND GAS 57.73 51.80 GENERAL COMMERCE 49.94 42.00 CONSTRUCTION 42.47 38.45 GENERAL 26.28 17.96 TRANSPORTATION AND STORAGE 24.14 13.70 REAL ESTATE ACTIVITIES 22.54 26.47 GOVERNMENT 17.12 12.08 MANUFACTURING 16.77 10.70 POWER & ENERGY 15.36 15.22 AGRIC, FORESTRY AND FISHING 11.72 9.04 PROFESSIONAL, SCIENTIFIC AND TECHNICAL ACTIVITIES 8.82 15.16 FINANCE AND INSURANCE 3.16 2.47 EDUCATION 2.46 1.94 INFORMATION AND COMMUNICATION / CAPITAL MKT 1.37 2.41 OTHERS 1.49 2.19 GRAND TOTAL 301.37 261.59 SECTORS
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NPL Portfolio Analysis
FY 2019 (N’mn) 2018 FY (N’mn) LCY Gross Loans 272,299 225,465 FCY Gross Loans 29,069 36,119 Total 301,368 261,584 LCY NPLs 22,173 12,513 FCY NPLs 71 514 Total 22,244 13,027 186 227 216 252 289 50 100 150 200 250 300 350 FY'15 FY'16 FY'17 FY'18 FY'19 0% 20% 40% 60% 80% 100% 120% 140%
Net Loans LDR Net Loans and Loan to Deposit Ratio Low Non-Performing Loans and Adequate Coverage
Asset Quality
FY2018 (N’bn) General Commerce 7.45 33.50% 3.57 27.40% General 3.94 17.72% 2.16 16.58% Construction 3.63 16.32% 3.44 26.40% Agriculture
0.65
2.92% 0.54 4.14% Manufacturing 0.49 2.20% 0.29 2.23% Finance & Insurance 0.14 0.63% 0.09 0.69% Professional, Scientific & Technical
1.50
6.74% 1.16 8.90% Transportation & Storage
0.22
0.99% 0.00 0.00% Education 0.23 1.03% 0.16 1.23% Information & Communication 0.02 0.09% 0.00 0.00% Real Estate Activities 2.83 12.72% 1.51 11.59% Oil & Gas 1.08 4.86% 0.06 0.46% Government 0.04 0.18% 0.00 0.00% Others 0.02 0.09% 0.05 0.38% Total 22.24 100% 13.03 100% SECTOR FY2019 (N'bn) % %
0.00% 50.00% 100.00% 150.00% 200.00% 250.00% FY'15 FY'16 FY'17 FY'18 FY'19 NPL Coverage Ratio
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P r es en t a t i o n t o I n v es t o r s & A n a l y s t s – 2 0 1 9 F u l l Y ea r R es u l t s
FY 2019 N’m 2018FY N’m Share Capital 19,287 19,287 Share Premium 8,698 8,698 Retained Earnings 3,254 5,993 Other Reserves 23,921 16,911 Total Equity 55,160 50,889
Shareholders Funds (N’mn) Funding Sources
The Bank is a commercial bank with national authorization license at 10%.
Capital Adequacy Ratio (N’m)
Total Regulatory Capital Total Risk Weighted Assets 248,950 Capital Adequacy Ratio 13.60% 33,853
46.0 48.5 49.6 51.8 55.2
FY'15 FY'16 FY'17 FY'18 FY'19
Total Equity (N’bn)
Customer Deposit , 81% Deposit from Banks, 1% Other borrowed Funds, 7% Other Liabilities, 4% Shareholders Fund, 8%
Capital Ratio & Funding
COMMENTS
regulatory requirement for commercial banks.
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Stable & Consistent Performance
397 421 387 489 716 FY'15 FY'16 FY'17 FY'18 FY'19 186 227 216 252 289 FY'15 FY'16 FY'17 FY'18 FY'19 285 283 254 369 577 FY'15 FY'16 FY'17 FY'18 FY'19 54.25 45.79 65.27 71.53 94.89 FY'15 FY'16 FY'17 FY'18 FY'19
Gross Earnings (N’bn) Customer Deposits (N’bn) Total Assets (N’bn) Net Loans & Advances (N’bn)
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Improved Operating Efficiency
3.05 3.25 3.01 4.8 6.76 2015 2016 2017 2018 2019
PBT N‘Bn
0.60% 0.63% 0.56% 1.09% 1.02% 5.18% 5.48% 4.60% 9.43% 12.26% 2015 2016 2017 2018 2019
ROAA & ROAE Comment
2018 on the back of improved earnings
ensuring improved returns to investors.
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P r es en t a t i o n t o I n v es t o r s & A n a l y s t s – 2 0 1 9 F u l l Y ea r R es u l t s
Earning Per Share
6.0 7.0 5.8 8.6 13.5 2015 2016 2016 2018 2019
EPS (Kobo)
Comment
in 2018 on the back of improved earnings
share in line with the Board approved dividend policy (3kobo in FY 2018)
Improved Earning Per Share and Divided Payment
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P r es en t a t i o n t o I n v es t o r s & A n a l y s t s – 2 0 1 9 F u l l Y ea r R es u l t s
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P r es en t a t i o n t o I n v es t o r s & A n a l y s t s – 2 0 1 9 F u l l Y ea r R es u l t s
Fears of a global recession as the impacts of COVID-19 continue to emerge
Economic Outlook
global growth. The IMF downgraded GDP estimates in 2020 from a projected growth to a
back of the emergence of the disruption from the COVID-19 pandemic. The world is likely to witness its worst recession since the 2008-2009 financial crisis.
between the US and China has been halted due to the increased protectionist stance of the countries involved and the emerging impacts of the pandemic.
demand in a surplus market. Agreements between Russia, Saudi Arabia and OPEC will boost oil prices above $30pb.
major distraction all year long.
and the projected growth in 2020 has been revised downwards from 2.4% to -3.4% for 2020 to accommodate for the economic distraction from global fall in oil prices. A GDP growth rate of 6% is needed for sustained growth essential for lifting Nigerians out of poverty and reducing unemployment.
11.98%. Expectations of an upward trend in inflation are high as consumers are faced with lower purchasing power due to the COVID 19 preventive measures.
revenue as oil revenue has been cut by 90%. Customs revenue (N1.5 trillion) to be revised downwards to accommodate the anticipated drop in trade volumes. The new Economic Management Team will focus on measures to reduce the Covid-19 impact on the economy.
the effects of the novel corona virus. All CBN intervention funds interest rates have been slashed from 9% to 5% with a moratorium of 1 year.
reserves now below the $35bn benchmark, as oil prices now averaging well below $30pb. This has resulted in a systematic devaluation
the Naira. Declining foreign reserves also puts heightened pressure on the CBN for revenue generation
number
fundamental policy initiatives started in 2019 will be reinforced in 2020 as the domestic markets will look to bounce back from the economic downturn.
legislative arm
government for approval. Proposed fiscal deficit (N5.19trn) surpasses proposed aggregate revenue (N5.08trn).
Global
Dom
ic Econ
Dom
ic Market rket
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P r es en t a t i o n t o I n v es t o r s & A n a l y s t s – 2 0 1 9 F u l l Y ea r R es u l t s
Enhance Capital Profitable growth in core Grow Market share in retail & SME Transform customer Experience
Grow short & long-term funding to support projected business growth. Capital plans updated to provide more buffers against pandemic and other economic shocks. Drive aggressive growth in corporate and commercial banking through short term transactions and deals. Grow retail customer base through ALAT & related partnerships. Continue brand refresh, improve service delivery through better use of technology and a robust contact centre. Improved service delivery by leveraging on our IT refresh.
Digitize operations
Fully automate onboarding & internal approval processes.
Build a high performing team
Continued training & skills development while ensuring improved work environment Double performance by leveraging innovation
Our focus in the short run remains on growth...
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FY 2019 Actual Vs FY 2019 Guidance
Customer Deposit Growth Non-Interest Income Growth Cost to Income Ratio (%) Loan Growth Net Interest Margin Non-Performing Loans Return on Average Equity
100 100 100 100 100 100 100
56.35% / 25%
ACHIEVED / GUIDANCE
14.69% / 10%
ACHIEVED / GUIDANCE
74.24% / 25%
ACHIEVED / GUIDANCE
6.04% / 8%
ACHIEVED / GUIDANCE
84.66% / 75-80%
ACHIEVED / GUIDANCE
7.38% / 5%
ACHIEVED / GUIDANCE
12.26% / 12%
ACHIEVED / GUIDANCE 2019 GUIDANCE 2019 ACTUAL (POSITIVE GROWTH) 2019 ACTUAL (UNACHEIVED GUIDANCE/NEGATIVE GROWTH) KEY:
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Statement Of Profit Or Loss And Other Comprehensive Income
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P r es en t a t i o n t o I n v es t o r s & A n a l y s t s – 2 0 1 9 F u l l Y ea r R es u l t s
Stateme ement t of Financial al Position tion 31 31 Decemb mber er 20 2019 19
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belief or current expectations of Wema Bank Plc, the Directors and other members of its senior management about the Bank’s businesses and the transactions described in this presentation. Gener neral ally, ly, word rds such uch as as ‘‘could’’, ‘‘will’’, ‘‘expect’’, ‘‘intend’’, ‘‘anticipate’’, ‘‘believe’’, ‘‘plan’’, ‘‘seek’’ or
imilar ar expressio ions identif ify forwar ard-lo look
ing statements.
current views and assumptions and involve known and unknown risks, uncertainties and other factors, many of which are outside the control of the Bank and are difficult to predict, that may cause actual results to differ materially from any future results or developments expressed or implied from the forward-looking statements. Such risks and uncertainties include, but are not limited to, regulatory developments, competitive conditions, technological developments and general economic conditions. The Bank assumes no responsibility to update any of the forward-looking statements contained in this presentation.
activities of Wema Bank should not be taken as a representation that such trends or activities will continue in the future. No statement in this presentation is intended to be a profit forecast or to imply that the earnings of the Bank for the current year or future years will necessarily match or exceed the historical or published earnings of the Bank. Each forward-looking statement speaks only as of the date
publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Wema Bank’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Cautionary Note Regarding
Forward Looking Statements
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With you. All the way
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